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ministers will try to come to an agreement on the eu banking union, but deep revisions remain. >>> house republicans put forward their plan to cut the u.s. deficit, but the proposal is quickly dismissed by democrats and the white house. >>> and australia central bank cuts interest rates to the lowest level since the financial crisis in a bid to get ahead of sluggish commodities demand. we're on tuesday and off to a slightly, what, soft close yesterday for european stocks. right now we're pretty evenlies passed, advancers just about outpacing decliners on the stoxx 600, but not by much, 5:4 if that. so one hour into the trading session, this is where we stand. the ftse 100 just flat, a flat close yesterday. the dax was essentially fairly flat yesterday. up just ten points. the cac 40 yesterday doing a little bit better, up 0.2%. first pointing out ftse up 9 out of the last 11. we have seen yields continue to decline in spain. just 5.23%, but still capped. spain requesting financial assistance. we'll keep our eye on the uk as we head toward the bank of england meeting this week p. dollar i
, in the meantime, we can talk about how this banking union might work out in the long run. but my guess is it will take a long time yet before they reach an agreement on banking union because this agreement, this minimal agreement but important agreement took many hard sessions to even wrestle out a compromise like this. so i think banking union is fine. >> silvia wadhwa, thank you very much for following that for us into the wee hours of the morning. joining us for more on what this means for the market is paris annan from fidelities investment. we wake up to this news. it's significant. as you look into 2013 and you start to look at why european equities are going in general, how does thi change if at all your views? >> well, when we think about the outlook for on 2013, you could almost separate it into two outlooks. you have the outlook for the macro economy and the politics in the euro crisis and the outlook for making money in the european shares. with things likes the eu banking supervision and even the change in italian politics, what we're seeing more generally is that these eve
, about anning union, fiscal union, political union, but the absence of the market pressure is causing all of those things to be delayed and watered down. that's really what's going on. we have solved nothing. we have kicked the can. that's worth a lot, actually. that's why the markets are stabilizing. so it's a better situation than it was, but it's not solved, right? nothing has been resolved yet. >> that pretty much sums up the year. i have a feeling we'll sum up 2013, as well. straight ahead, we are going to get third quarter gdp figures out from the uk. we'll bring you those figures as soon as we're back. don't go anywhere. i always wait until the last minute. can i still ship a gift in time for christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express ber 22nd for christmas delivery. >>> welcome back to "worldwide exchange." a setback for negotiations between congress and the white house as house speaker john boehner's plan b fails with just ten days until the fiscal cliff deadline. markets are trading lo
due to meet in a last-ditch paem attempt to agree on union supervisor. the timetable for implementing reforms are seen as main sticking points. germany's reluctance to hand over supervision of all of its banks to the ecb. france wants the central bank to have ultimate responsibility. that's not to mention demands from the u.k., sweden, and the netherlands which makes us have stuart richardson, still with us, whether the banking union thing's going to happen. if so, when? >> i think the move toward some sort of banking union is in progress here. it has been -- european, a work in progress. so it would appear that sweden was coming out of thing yesterday, the dave before -- day before, they're not backing the full union. germany wants limited banking union. >> does it matter -- how urgently do we need this in place? >> i think it's one of the key issues that needs to be resolved within the whole european project such as fiscal and political union. i think that the -- if they're going do it, they might as well do it right. as an investor, to me it's not that important for the next one or
on boxing day. the first day of post-christmas retail sales. the union has a long-running dispute with tube management over bank holiday pay. >>> and here in the u.s., support strike could be brewing. federal mediators have called for a meeting of east and gulf coast dock workers and shippers as they try to avoid possible strike next week. talks broke down december 18. and the union's contract extension expires monday. the union represent more than 14,000 workers at more than a dozen ports from boston to houston. the key sticking point -- container royalties or payments to union workers based on the weight of cargo. >>> now back to the markets. before the break, we told you about the best performing emerging markets this year. but -- emerging markets this year. the third best performing market this year is estonia, up 36.51%. and at number two is pakistan with the karachi stock exchange 100, up 49% for 2012. and the best performing market so far this year is turkey's ise national 100 index. up 52.26% this year. now our next guest says a play in the emerging markets could be a good bet for a
from the banking union, will be on the agenda. plus we speak to the editor of the "financial times." and find out why the paper picked draghi as their person of the year. who is going to be the next timothy geithner? president obama gets ready to unveil his next pick for treasury secretary. >>> and voters head to the polls for their first vote in egypt's constitutional referendum. we'll take a look at the possible outcomes a little later in the program. >>> welcome back to the program. greek lawmakers have submitted a long awaited bill to curb taxation. this law is further towards complying to satisfy financial critters in receipt of aid. the move comes after eu leaders reached the deal to agree on ecb banking supervision rules for the block and bailout agreements for athens. leaders are set to spar over who pays for what. sill veer ya has been braving brussels for us all week following the latest. silvia, it sounds like the old divide between north and south is still at play here. sylvia, are you with us? can you hear us? i think sylvia lost her sound there so we'll come back out
the negotiation between the trade unions and the corporate buddies to give more flexibility to the labor markets, to give the ability for corporates to adapt more quickly. it's very important that the government complies with reducing the budget deficit and reducing public spending. we have too high level of public spending. and if you reach the level of taxes is too high. so the strategy of the government should be going forward, again, to cap public spending, reduce taxes, to create a favorable environment for corporate. and let me say that france has a lot of advantages. nice infrastructure, good infrastructure, demography, people with skills, a good level of education. we can take advantage of that, even compared with our peers so let's do everything we can to -- the benefit of these positive advantages and not be -- not present people to invest in france because they might be afraid of a lack of visibility on the taxpayers or too high taxes. >> but do you think it's sending the right signal to investors when it's threatening to nationalize a factory? >> no, certainly not. these are not the
union's report suggesting that in fact the european union would have to run a surplus, given its poor demographics over the next couple of years. now let's get a quick preview of the news. for that we head to patricia, awaiting the results. what do we expect to see? >> reporter: we're expecting the second consecutive month to the upside for the business sentiment next year in germany. november was a surprise after six months to the downside. we expect december to book in a little increase again, but important is here, not only the expectation part of the index but also that we get a little more oomph as to say from the current conditions. and that is going to be the big part of the numbers. we are just starting to see it. business climate index in december is out, and it rises. here we have business climate index 102.4 in december versus an expectation of 102. slightly better unanimous expected. here the current conditions, 107.7. the consensus was 1.8. that is slightly lower than expectations when it comes with the current conditions. here the expectation side of the index is 97.9. r
picket lines will be back on the job later. shippers and the union agreed to federal mediation on tuesday. the clerks have been working without a contract for two years. the strike shut down ten of the port's 14 terminals, backing up several ships waiting to off load their cargo. >>> still to come, egyptian president morsi has returned to work just a short time ago after leaving the palace during protests last night. we'll have the very latest from cairo when we come back. can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. >>> a recap of the headlines. the fiscal fight rages on in washington as republicans try to fend off an internal divide. shanghai stocks jump after china's government plengs to support pro-growth economic reforms. chancellor osborne preparing to deliver his autumn statement. thousands of egyptians are still cam
the european union. italy and pain are seeing a bit of a sell-off. about 4.4% on italy and 5.2% for spain. i mentioned what was happening with japan. the bank of japan concluded its two-day policy meeting. for plenty more on what's happening in asia and japan, let's get straight out to diedra. >> it was a lot of buy on the rumor, sell on the stock. after the boj's decision, we did see the nikkei 225 drift downwards, about 1.2%. analysts say investors are asking what is the long-term plan for this market? it has run up nearly 16% in the last six weeks, five weeks, rather. so taking a bit of a breather and investors reassessing what long-term growth in japan is going to look like and the implications of that boj decision. the boj, of course, releasing an additional 10 trillion yen in monetary stimulus. so that's what we are looking at in japan. in korea, a different story. we had some upside. this market was closed yesterday when these indexes gained. more importantly, the presidential election, korea yesterday elected its first female president seen as market and business friendly. ta gave th
highs, both in expansion territory. rhetoric ahead of the banking union. says the euro should be traded within the block and not the city of london. and white house and congress may need to call the auto club to jump-start budget talks which has stalled on discussions over taxes. plus singapore airlines confirms it is in talks to sell its 49% stake in virgin atlantic. reports suggest delta amongst the front runners. equities up in the month of november. ahead of the u.s. open, up by a quarter percent for the ftse. quarter for the ibex, as well. by and large the pmi numbers have been slightly better than expected. the revision on the eurozone pmi aunt wasn't on the headline composite number, but new orders were a little bit better. still a long way away from the 6% mark. gilt yields steady. manufacturing pmi better than expected. euro-dollar hit a six week high. dollar kren moyen moving away f 7 1/2 peak. talking about the uk, george osbourne says there's no turning back on austerity just days ahead of his annual statement. he continues to resist opposition calls warning that lack of bud
, though, we can check on frankfurt trade shedding .8%. >>> and as many as 10,000 union workers for michigan and the u.s. are expected to protest at the state's capital building today over a proposed right to work bill. this would prohibit consumers to pay more. governor rick snyder says he'll sign it. michigan will become the 24th u.s. right to work staid state. >>> and cnbc is taking to washington today as we send becky quick, larry kudlow and jim cramim cramer to the white . they'll be leading off with a special mission critical rise above d.c. report. it's part tax. read, becky? >> like you said, we are occupying washington. this is where we've camped out all night. there's been all this talk about the fiscal cliff. we know it is fact approaching. we know it is something that would threaten not only the united states economy, but the economies around the globe. if we go over that cliff, there will be steep cuts and spending and steep tax increases that would automatically kick in. what we're doing here today is talking to our elected officials, talking to people who are invo
american union faces ejection from the imf for allegedly cooking its books about the innation rate. we'll head out to europe where the swiss banking giants could be facing $1.6 billion over libor rate rigging allegations. >> and we'll be on the floor in beijing where china's leaders just wrapped up a major conference. >>> and japan's prime minister election is calling on the bank of japan to heed the call of the masses. abe is beating the heat on the boj just one day after his party's huge win and two days after the bank's next rate setting meeting. kaori enjoji has the latest for us. how much of a game changer is all this? >> this is a serious game changer. it's a comeback for the dlp and shinzo abe. he has made it clear that the economy and economic recovery is going to be one of the pillars and hallmarks of his second time in office and he's wasting no time in piling on pressure on to the bank of japan who holds, of course, their two-day policy board meeting later on this week. here is what he had to say. >> i have constantly stressed our desire to present a policy accord in raising
and deficit countries, basically looking at capital flows within the european union. out with a report summarizing the condition that we've been witnessing here which is that there is balancing happening in the german economy. it's not alone in this, by the way. also mentioned that broadly speaking because of demographic trends, the eurozone may need to run a modest surplus and we know the difficulty a lot of nations are having with that at the time being. we'll summarize more on that report and on the rest of the developments this afternoon. >>> moving on, president obama has made a new offer to house speaker john boehner as they try to reach a deal to meet the fiscal cliff. the two met on monday and are spec'd to talk again today. reports say the proposals would raise revenues and cut spending by $1.2 trillion over the next decade. the president is now reportedly seeking to extend the bush area tax cuts for everyone making below $400,000 for the year. he's agreed to use the changed consumer price index to calculate more social security benefits. and president obama wants to raise the
to union workers based on cargo weight. a strike could hurt u.s. exports, factories and affect retailers waiting for shipments of spring merchandise. >> noise of flights have been canceled in the u.s. northeast as a powerful winter storm has brought heavy snow and winds across the region. over a dozen people have reportedly been killed as a result of the storm. joining us now for more from the weather channel is reynolds wolf. he is a meteorologist. reynolds, what can you tell us about this storm? and just how much more people might need to brace for? >> well, i've got some very good news for you, some bad news. the good news that we have for su that storm system is dying out. that's the good news. so there's very little left, maybe some residual snow showers in parts of the northeast. the bad news, we see a secondary storm forming behind that one to produce widespread delays. we could expect delays in places like memphis, new orleans and nashville. in new york, not so much in terms of sky conditions that will trouble you, but the wind will pick up. now, the remnants of that storm, you c
Search Results 0 to 14 of about 15